CFPB Targeting Largest US Banks as it Cracks Down on Financial Industry
Consumer Protection Defense and Compliance attorney Anthony DiResta was quoted in an S&P Global Market Intelligence article about the Consumer Financial Protection Bureau's (CFPB) uptick in investigations into the United States' largest banks. Recently, the agency has announced actions against several financial institutions as well as imposed heavy fines. Mr. DiResta said that through these actions, the CFPB is conveying the message of "compliance, compliance, compliance" to all institutions under its supervision. He also explained how banks can avoid facing additional scrutiny from the agency.
"Banks must have a robust compliance management system in place, covering all relevant legal, regulatory and consumer protection issues," he said.
READ: CFPB Targeting Largest US Banks as it Cracks Down on Financial Industry (Subscription required)